In section 3.2 they lay out what they can do with your work, which is scary if you ask me.. 

They can do just about anything they want with it, and do not have to give you anything for it in return at all.

The sub license worries me. That basically means that they can make money from it and not give you any of it. Even sell the rights to someone else, and keep all the the proceeds for themselves.

Section 3.3 sort of goes against section 3.2, and is more a CYA step in countering fraud and passing the buck if it does happen..If they are not going to look, then look, then go "Wow, we can use that". You loose all rights to it accept that you created it. Retaining ownership and not being able to control what is done with it, is no longer exactly ownership. Don't plan on them giving you credit for it, or it would specifically say that in the agreement.

Store your stuff somewhere else.

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